Michael Polanyi’s Economics

By Paul Craig Roberts, T. Norman Van Cott

Philosopher Michael Polanyi was also a prescient economic thinker who, while considering himself a Keynesian, showed the importance of money in the macroeconomy 20 years before the monetarist revolution. His 1945 book, Full Employment and Free Trade, is one of the under-appreciated gems of twentieth century economics.

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Paul Craig Roberts
is the John M. Olin fellow at the Institute for Political Economy and former Assistant Secretary of the Treasury for Economic Policy.
T. Norman Van Cott
is a professor of economics at Ball State University.